Posted on 09/24/2021 11:19:53 AM PDT by Theoria
Florida’s version of the American dream, which holds that even people of relatively modest means can aspire to live near the water, depends on a few crucial components: sugar white beaches, soft ocean breezes and federal flood insurance that is heavily subsidized.
But starting Oct. 1, communities in Florida and elsewhere around the country will see those subsidies begin to disappear in a nationwide experiment in trying to adapt to climate change: Forcing Americans to pay something closer to the real cost of their flood risk, which is rising as the planet warms.
While the program also covers homes around the country, the pain will be most acutely felt in coastal communities. For the first time, the new rates will also take into account the size of a home, so that large houses by the ocean could see an especially big jump in rates.
Federal officials say the goal is fairness — and also getting homeowners to understand the extent of the risk they face, and perhaps move to safer ground, reducing the human and financial toll of disasters.
“Subsidized insurance has been critical for supporting coastal real estate markets,” said Benjamin Keys, a professor at the University of Pennsylvania’s Wharton School. Removing that subsidy, he said, is likely to affect where Americans build houses and how much people will pay for them. “It’s going to require a major rethink about coastal living.”
The Biden administration’s new approach threatens home values, perhaps nowhere as intensely as Florida, a state particularly exposed to rising seas and worsening hurricanes. In some parts of the state, the cost of flood insurance will eventually increase tenfold, according to data obtained by The New York Times.
(Excerpt) Read more at nytimes.com ...
Yes he does. Build cheap what you can afford to replace or if rich build millions. Just don’t ask me to subsidize it.
Hey clown, post-Hurricane Andrew, Florida rewrote its coastal building codes. It is extremely expensive to build within the Coastal High Hazard Area. These are the homes that survived a direct hit from Cat 5 Hurricane Michael.
Didn’t know that! Even on the Outer banks? I have family there, and it seems like they get blown away on a regular basis.
There’s a reason private insurance isn’t in the flood business. If they were, only the rich would be able to afford to live there.
“The man that builds his house upon the sand is a foolish man”- The Good Book (paraphrased)
I went slack jawed reading your post. Are you sure it’s $24,000, and not $2400? Jumping Jimmy!
No, I was not aware of that.
I remember John Stossel did a story about ten years ago about flood insurance.
He said it rebuilt his beach house in the Hamptons.
Watching the “house hunter” tv show on several episodes the real estate agent makes sure the potential buyer is aware of that fact.
lol. Sadly yes Jimmy Valentine. I do like your number much better however ;D.
Would love to see both a documentary and book come out on what you just wrote. That’s shocking and I bet many have no idea.
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